This has been talked about for months and I’ve been warning those who would listen as I expect this to impact our local Victoria market activity regardless of whether they implement the tax here in Greater Victoria. Many of our buyers until last August were arriving here after cashing out of Vancouver and over the past year we’ve had a steady stream arriving from cashing out of Toronto. We also have many coming from the USA and that will of course be impacted if they also introduce a similar tax in Greater Victoria.
What Ontario is doing:
Introducing a 15-per-cent “Non-Resident Speculation Tax” in the Greater Golden Horseshoe region
Partnering with the Canada Revenue Agency to strengthen reporting requirements and make sure taxes are paid on…